96.
The process of identifying and documenting potential risks that could impact the
project is called __________ in the Risk Management process.
a. Risk Assessment
b. Risk Analysis
c. Risk Identification
d. Risk Planning
97. During a cloud migration, monthly trend analysis shows cumulative cost variance from
two medium-level risks edging toward the contingency reserve trigger. The finance
director’s budget review is a week away, yet final cutover occurs in three days. To monitor
and control this situation, what should the project manager do?
a. Arrange a meeting only with the technical team to brainstorm performance tweaks, draft a
provisional reserve request, and wait for sponsor approval before performing any formal
threshold comparison, ensuring the project appears under control during the upcoming audit
meeting.
b. Compare current exposure to risk thresholds, update the register, and convene risk owners to
authorize partial contingency drawdown.
c. Delay any action until the finance director's meeting, simply documenting the variance as
potential overrun in the next report.
d. Reallocate work to faster tasks so the cutover date is preserved, skipping further analysis of
the reserve status.
98. The project team is organizing a high-profile international conference. During monthly
risk monitoring, new public-health regulations sharply increase compliance requirements
for large gatherings, raising the probability and impact ratings of a previously low-level
risk. The contingency reserve was calculated on old regulations and may now be
insufficient. Stakeholders expect the event date to remain fixed. Which option best
demonstrates effective risk monitoring and control by the project manager?
a. Escalate the issue to the executive sponsor, request a fixed extension of the conference date,
and continue monitoring the risk while deciding later whether additional funding is necessary
b. Reassess the risk with updated regulations, revise the response plan and contingency reserve,
and submit changes through the project’s change control process
c. Replace quantitative thresholds with the compliance officer’s expert judgment and keep the
contingency reserve at its current level until regulations stabilize
d. Freeze existing risk responses, redirect resources to accelerate remaining tasks, and rely on
schedule float to absorb any compliance-related delays
99. As a project manager, you notice that your team has inconsistent approaches to
assessing and responding to risks due to varying perceptions of risk impact. To strengthen
the project's risk culture, what is the most effective action you should take?
a. Delegate all risk management activities to a specialized risk officer to streamline the process.
b. Facilitate training sessions to align team's understanding and establish common risk
assessment criteria.
c. Implement a rigid risk management plan without team input to ensure consistency.
d. Require team members to document risks but handle responses solely at the management
level.
100. A project involving building a data center is underway. The project manager needs to
calculate the probability of meeting the $1.5M budget using a series of variables. Which
quantitative risk analysis tool should be used?
a. Expected Monetary Value Analysis
b. Decision Tree Analysis
c. Sensitivity Analysis
d. Monte Carlo Simulation